ATAX · Cash flow · TradingHolo

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America First Multifamily Investors, L.P.

NAS:ATAXFinancial Services

——At close · Market cap —

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USD billions	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Trend	YoY
Net income	0.0	0.0	0.1	54.0	21.3	(0.0)		−100.0%
Depreciation & amortization	0.0	0.0	0.0	1.3	(1.2)	0.0		+100.0%
Stock-based compensation	1.0	1.3	1.5	2.0	1.9	0.0		−99.9%
Change in working capital	(0.0)	0.0	3.6	0.9	0.0	0.0		—
Operating cash flow	0.0	0.0	0.0	24.9	18.0	37.5		+108.6%
Capital expenditure	(0.0)	(0.0)	(0.0)	(0.8)	0.0	0.0		—
Acquisitions	(0.0)	0.0	0.0	0.0	0.0	0.0		—
Investing cash flow	(0.0)	(0.2)	(0.3)	53.6	(105.2)	(0.2)		+99.8%
Dividends paid	(0.0)	(0.0)	0.0	0.0	0.0	0.0		—
Share buybacks	(0.0)	(0.0)	0.0	0.0	0.0	0.0		—
Debt issued / repaid	0.0	0.0	0.0	0.0	0.0	0.0		—
Financing cash flow	0.1	0.2	0.2	(123.4)	70.8	(80.3)		−213.4%
Free cash flow	0.0	0.0	0.0	24.1	18.0	37.5		+108.6%
Net change in cash	0.1	0.0	(0.1)	(44.9)	(16.4)	23.6		+243.5%

USD billionsUpdated Mon 11 May ·

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Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.